time bitcoin price Traders tend to hide and look for signs that the market has hit a bottom and reversed its trajectory.
To that end, Bitcoin billionaire and former BitMEX CEO Arthur Hayes shares his cautious optimism. “While we do not expect cryptocurrencies to fully realize the inflationary trend of recent US financial announcements any time soon, we do expect prices to bottom out, cut in, and begin to rise slowly,” he said in a blog post. “There is,” he said.
In other words, he thinks the worst is over for now.
Earlier this week, Bitcoin crashed below $57,000 ahead of the Federal Reserve meeting. But when Fed Chairman Jerome Powell announced that he would keep interest rates on hold again (which many investors expected), prices moved sideways.
At the time of writing, Bitcoin has regained $61,000 for the first time since the end of April, up 4.6% in the past 24 hours, according to data from CoinGecko.
Hayes predicts a bottom will come. Bitcoinhis strategy isn't it Including adding to his BTC bag.
“I would never babysit Bitcoin when I could take two steps,” he wrote, adding, “The recent spate has been de-staking USDe and turning synthetic dollars into high-beta shitty coins.” It was a great opportunity for me to invest in it. That's what I'm doing.” I am buying Solana and Doggycoin for momentum trading positions. ”
The good news, he said, is that recent moves by the U.S. Treasury, the Federal Reserve, and the recent Republic First Bank bailout are all indicators that dollar liquidity will start to increase. said. It was only a month ago — ahead of the most recent bitcoin halving — that Hayes became bearish on prices, citing declining dollar liquidity.
One of the key macroeconomic indicators he highlighted was that the Federal Reserve is preparing to borrow about $41 billion more between now and the end of June than it announced in January.
“If you're a holder of Treasuries, it doesn't matter,” Hayes explained, noting that this increases the supply of Treasuries. This is likely to cause long-term bond rates to rise, he said.
“Mr. Yellen's response to this will be some form of yield curve control,” he said in a blog post. “From that point on, Bitcoin will start to rise to $1 million in reals.”
